Business was going really well, innocent had been going about a year and a half, but then our bottle supplier called us up and said ‘You know you ordered a 100,000 bottles a week? We can only give you 20,000 for the next few weeks.’ We don’t stockpile because everything is produced fresh. We asked what they meant and they said ‘We’ve got a big customer who wants clear bottles now.’ We protested by reminding them that we’d been working with them for ages and we’d given them our forecasts but their reply was: ‘Sorry, the machine’s full you can’t have it.

It’s from Richard Branson’s Blog

And it got me thinking. What is my Plan B?

Is being in a few niches my Plan B? Is diversifying into Real Estate again a good Plan B?

I came up with a long list of Plan B’s. Made me feel good really. Made me feel even better when I realized that some of those are really Plan A’s. I have many Plan A’s working at the same time.

Plan A’s are always better than Plan B’s and you want many of each. Diversify and grow rich.

What’s your plan A & B’s?

What’s Your New Plan B? is a post from: Abundance Unlimited
Check out Christopher's book Play Prosperity Games. Learn how to create new business ideas based on what you love.

It honestly made me laugh. I diversified into Real Estate a while ago and saw every single investor in a big city crash. All the Real Estate Club’s full of investors even crashed and the biggest one was a non-profit it crashed too.

Ask the people that are retired and have all their money in the stock market if they feel good about not being diversified and instead having all their income producing assets in a stock market that lost half of it’s value.

I have even more stories.  I knew a group of certified financial advisers that were advising their clients into a particular high yield private investment.  Because it was paying so well, much more than anything else these advisers could find, over time the clients had their entire portfolio in this one investment.  Then one day it crashed and took all their money with it.  One of the advisers felt so bad about it that he tried to commit suicide, his family got him to the hospital in time thank goodness.  Ask them if diversification is a good idea.

Okay, enough of the stories. As you can see I believe without a doubt that diversification is necessary to grow rich.  But, you can’t do everything at once when you are first starting out. You need some successes first so that you can diversify.  When you are first starting you can really only afford to do one thing and make money to live.  Sometimes that means you have a day or night job that pays the bills and you work on your side business.  When that is big enough to support you, you can quit the job and focus on your business full-time. But, don’t stop there, start diversifying right away. Go into multiple niches, come up with different products even if the base if the same for them.

For example, I have been creating websites since 1996. I do not just offer a website. I have multiple websites for different niches. One for Real Estate brokers, agents and investors. One for network marketers. A few for Internet Marketers. And many back-end type of websites for them to grow their business.

I also speak on prosperity and social media to get my name out there.  And I’m a director of the International Association of Home Business Opportunities since my passion is helping small businesses become successful. I’m also doing some partnership deals in niches that I’m not the expert on.

I’m diversified and I love it. And it’s centered around my passion small business and what I’m good at.

Interested in learning more about diversification in relationship to financial markets check out this excellent book “The Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risk”, the first half is fantastic, the last half gets really technical and it’s okay to skip that unless you really like hard numbers.  It’s important to just get the concept.  If your financial adviser doesn’t understand asset allocation chart fire them and hire one that does. Are you really serious about financial diversification check out The Oxford Club.

What tips or stories on diversification do you have to share?  Share them in the comments.

Diversify And Grow Rich is a post from: Abundance Unlimited
Check out Christopher's book Play Prosperity Games. Learn how to create new business ideas based on what you love.